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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

Cullen Capital Management, LLC

Quarter ended Q2 2023 · Filed May 15, 2023 · Accession 0000950123-23-004866

Total Value
$10.93B
Positions
276
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (276)

#IssuerTicker / CUSIPSharesValue% of Filing
1Novartis AG (ADR)NVSEF3,460,003$318.3M2.91%
2Siemens AG (ADR)8261975013,727,567$301.7M2.76%
3Merck & Co. Inc.MRK2,653,244$282.3M2.58%
4BCE Inc.BCPPF6,134,770$274.8M2.51%
5JP Morgan Chase & Co.VYLD2,071,996$270.0M2.47%
6Exxon Mobil Corp.XOM2,452,061$268.9M2.46%
7Raytheon Technologies Corp.RTX2,660,356$260.5M2.38%
8Chevron Corp.CVX1,575,561$257.1M2.35%
9Morgan StanleyMS-PQ2,918,900$256.3M2.35%
10Johnson & JohnsonJNJ1,645,472$255.0M2.33%
11Cisco Systems Inc.CSCO4,814,843$251.7M2.30%
12Philip Morris International In7181721092,564,527$249.4M2.28%
13Medtronic PLCMDT3,018,873$243.4M2.23%
14Unilever PLC (ADR)UNLYF4,593,537$238.5M2.18%
15Duke Energy Corp.DUKB2,470,386$238.3M2.18%
16Broadcom Ltd.AVGO355,202$227.9M2.09%
17Genuine Parts Co.GPC1,322,983$221.3M2.03%
18Dow IncDOW4,007,048$219.7M2.01%
19Vici Properties Inc.9256521096,667,847$217.5M1.99%
20Chubb Ltd.CB1,093,052$212.2M1.94%
21Johnson Controls InternationalG515021053,396,494$204.5M1.87%
22Comcast Corp. (Cl A)CCZ5,391,938$204.4M1.87%
23NextEra Energy Inc.NEE-PW2,580,187$198.9M1.82%
24General Dynamics Corp.GD816,571$186.3M1.71%
25Healthpeak Properties IncDOC7,886,651$173.3M1.59%
26Pfizer Inc.PFE4,066,580$165.9M1.52%
27United Parcel Service Inc.UPS835,728$162.1M1.48%
28Kimberly-Clark Corp.KMB1,189,312$159.6M1.46%
29Citigroup Inc.C-PR3,344,073$156.8M1.43%
30ConocoPhillipsCOP1,565,411$155.3M1.42%
31Intel Corp.INTC4,737,284$154.8M1.42%
32Altria Group Inc.MO3,432,345$153.2M1.40%
33Target Corp.TGT915,851$151.7M1.39%
34Bank of America Corp.0605051045,200,839$148.7M1.36%
35Lowe's Companies Inc.548661107722,853$144.5M1.32%
36Truist Financial Corp89832Q1094,146,229$141.4M1.29%
37AT&T Inc.T-PC6,912,755$133.1M1.22%
38The Travelers Companies Inc.TRV659,562$113.1M1.03%
39Diageo PLC (ADR)DGEAF572,814$103.8M0.95%
40Microsoft Corp.MSFT325,625$93.9M0.86%
41Verizon Communications Inc.VZ1,905,539$74.1M0.68%
42Rio Tinto PLC (ADR)RTNTF1,043,137$71.6M0.65%
43PPL Corp.PPLC2,411,062$67.0M0.61%
44Bristol-Myers Squibb Co.CELG-RI944,196$65.4M0.60%
45EOG Resources Inc.EOG565,107$64.8M0.59%
46BAE Systems PLC (ADR)BAESF1,305,231$64.4M0.59%
47Nippon Telegraph & Telephone CNODK2,006,918$60.1M0.55%
48Coca-Cola Femsa SAB de CV (ADRCOCSF746,402$60.1M0.55%
49Conagra Brands Inc.CAG1,583,208$59.5M0.54%
50Boston Properties Inc.BXP1,065,137$57.6M0.53%
51United Overseas Bank Ltd. (ADRUNTCW1,266,303$57.0M0.52%
52Nestle SA (ADR)641069406468,150$57.0M0.52%
53Zurich Insurance Group AG (ADR9898251041,133,241$54.2M0.50%
54TotalEnergies SE (ADR)TTE860,010$50.8M0.46%
553i Group PLC (ADR)TGOPF4,402,621$46.1M0.42%
56Deutsche Post AG (ADR)25157Y202974,234$45.6M0.42%
57The Allstate Corp.ALL-PJ388,723$43.1M0.39%
58BNP Paribas SA (ADR)05565A2021,435,392$42.8M0.39%
59Deutsche Telekom AG (ADR)DTEGF1,768,506$42.8M0.39%
60Tokio Marine Holdings Inc. (ADR)8890941082,185,352$42.1M0.39%
61British American Tobacco PLC (1104481071,196,020$42.0M0.38%
62Veolia Environnement SA (ADR)92334N1031,353,804$41.8M0.38%
63Shell PLC (ADR)RYDAF719,991$41.4M0.38%
64Sanofi (ADR)SNYNF759,157$41.3M0.38%
65DNB Bank ASA (ADR)23341C1032,246,686$40.2M0.37%
66Roche Holding AG (ADR)7711951041,114,381$40.0M0.37%
67Vale SA (ADR)VALE2,360,218$37.2M0.34%
68Qualcomm Inc.QCOM285,657$36.4M0.33%
69Muenchener Ruechversicherungs6261881061,036,228$36.2M0.33%
70ASE Technology Holding CompanyASX4,405,340$35.1M0.32%
71Power Corporation of Canada7392391011,358,476$34.7M0.32%
72Sonic Healthcare Ltd. (ADR)83546A2031,457,334$34.3M0.31%
73Tokyo Electron Ltd. (ADR)889110102381,960$34.0M0.31%
74Cie de Saint-Gobain (ADR)CODGF2,965,600$33.7M0.31%
75Softbank Corp (ADR)83405K1022,896,326$33.7M0.31%
76Smurfit Kappa Group PLC (ADR)83272W106906,854$33.0M0.30%
77UPM-Kymmene OYJ (ADR)915436208962,969$32.3M0.30%
78Svenska Handelsbanken AB (ADR)86959C1037,542,694$32.2M0.30%
79Taiwan Semiconductor Manufactu874039100337,157$31.4M0.29%
80Woodside Energy Group Ltd. (ADR)WOPEF1,281,950$28.8M0.26%
81Iberdrola SA (ADR)450737101574,255$28.6M0.26%
82Arca Continental SAB de CVP0448R1033,056,249$27.7M0.25%
83NN Group NV (ADR)NNBR1,483,672$26.9M0.25%
84Mercedes-Benz Group AG (ADR)2338252071,397,773$26.8M0.25%
85Prologis Property MexicoPLDGP7,288,436$26.4M0.24%
86Enel SPA (ADR)29265W2073,851,076$23.3M0.21%
87Toyota Motor Corp. (ADR)TOYOF162,854$23.1M0.21%
88Michelin cie Generale de Estab59410T1061,502,083$22.8M0.21%
89AIA Group Ltd.Y002A11052,124,556$22.4M0.20%
90Britvic PLC (ADR)111190104984,870$21.7M0.20%
91Volvo AB B-Shares (ADR)9288541081,015,331$20.9M0.19%
92OPAP SAX3232T1041,291,234$20.7M0.19%
93Bank Rakyat Indonesia PerseroY0697U11259,775,916$18.9M0.17%
94ICICI Bank Ltd. (ADR)IBN824,031$17.8M0.16%
95Glencore PLC (ADR)GLCNF1,552,576$17.8M0.16%
96Kaspi.kz JSC48581R205233,340$17.6M0.16%
97Xinyi Glass Holdings Ltd. (ADR98418R100473,148$16.9M0.16%
98Zijin Mining Group Company LtdY9892H1079,901,772$16.5M0.15%
99Copa Holdings SACPA161,271$14.9M0.14%
100Banco Del BajioP1R2ZN1173,668,637$13.4M0.12%
101Nippon Telegraph & Telephone CJ59396101438,090$13.1M0.12%
102Siemens AGD6967121880,120$13.0M0.12%
103Anglo American PLC3662Q1053388,611$12.8M0.12%
104Mediatek Inc.Y5945U103492,400$12.7M0.12%
105Unimicron Technology Corp.Y906681072,542,770$12.3M0.11%
106Airtel Africa PLCKTB9,201,536$12.1M0.11%
107Deutsche Post AGD19225107228,837$10.7M0.10%
108Glencore PLCGLDG1,861,741$10.7M0.10%
109Telkom Indonesia Persero TabakY7147413737,357,647$10.1M0.09%
110UPM-Kymmene OyjX9518S108297,858$10.0M0.09%
111iShares MSCI Taiwan ETF46434G772215,306$9.8M0.09%
112BNP Paribas SAF1058Q238155,478$9.3M0.09%
113United Overseas Bank Ltd.UNTCW408,989$9.1M0.08%
114Sociedad Quimica y Minera de C833635105110,564$9.0M0.08%
115SanofiSNYNF79,289$8.6M0.08%
116BAE Systems PLCBAESF707,776$8.6M0.08%
117Tesco PLC (ADR)881575401862,840$8.4M0.08%
118Cie de Saint-GobainFR0343100146,251$8.3M0.08%
119SLC Agricola SA (ADR)78444J108911,375$8.3M0.08%
120Nestle SAH5731264967,214$8.2M0.07%
121Zurich Insurance Group AGH9870Y10516,767$8.0M0.07%
122iShares MSCI India ETF46429B598202,210$8.0M0.07%
123OPAP SA (ADR)392483103975,058$7.6M0.07%
124iShares MSCI South Korea ETF464286772123,924$7.6M0.07%
125PAX Global Technology Ltd.G6955J1038,797,670$7.4M0.07%
126Grupo Mexico SAB de CVP495381121,542,187$7.3M0.07%
127Smurfit Kappa Group PLCG8248F104198,564$7.2M0.07%
128CapitaLand Ascendas REITY0205X1033,052,514$6.6M0.06%
129Sonic Healthcare Ltd.Q8563C107274,042$6.4M0.06%
130Roche Holding AGH6929321720,259$5.8M0.05%
131Oracle Corp.ORCL-PD62,182$5.8M0.05%
132Eurobank Ergasias SA (ADR)29873D1048,675,891$5.8M0.05%
133Capitaland India TrustY0259C1046,823,619$5.6M0.05%
134Mondelez International Inc.60920710578,773$5.5M0.05%
135Mytilineos SA (ADR)62866P107202,875$5.3M0.05%
136Samsung Electronics Co. Ltd. -7960508884,316$5.3M0.05%
137Energy Transfer LPET-PI414,702$5.2M0.05%
138Samsung Electronics Co. Ltd. -Y74718118123,838$5.1M0.05%
139Tokio Marine Holdings Inc.J86298106264,971$5.1M0.05%
140Samsung Electronics Co. Ltd. -7960502014,774$5.0M0.05%
141Union Pacific Corp.UNP24,447$4.9M0.05%
142Petroleo Brasileiro SAP78331132919,715$4.8M0.04%
143American Express Co.AXP28,554$4.7M0.04%
144Muenchener RuechversicherungsD5553510413,016$4.6M0.04%
145BorgWarner Inc.BWA92,270$4.5M0.04%
146SK Telecom Company Ltd. (ADR)SKM204,092$4.2M0.04%
147Volvo AB B-Shares928856301202,256$4.2M0.04%
148Eaton Corp. PLCETN23,435$4.0M0.04%
149Arrow Electronics Inc.04273510032,106$4.0M0.04%
150Power Corporation of Canada739239101149,675$3.8M0.03%
151Honeywell International Inc.43851610618,985$3.6M0.03%
152The Walt Disney Co.25468710636,226$3.6M0.03%
153The Cigna Group12552310014,172$3.6M0.03%
154Applied Materials Inc.03822210529,138$3.6M0.03%
155Axalta Coating Systems Ltd.AXTA115,069$3.5M0.03%
156Walmart Inc.WMT23,376$3.4M0.03%
157Bayerische Motoren Werke AGBYMOF27,936$3.1M0.03%
158Novartis AGNVSEF33,074$3.0M0.03%
159Canadian National Railway Co.13637510225,566$3.0M0.03%
160Britvic PLCG17387104265,524$2.9M0.03%
161Sasol Ltd.SASOF196,511$2.6M0.02%
162BOEING CO/THEBA-PA12,357$2.6M0.02%
163McDonald's Corp.MCD8,916$2.5M0.02%
164Coca Cola Euro Pacific PartnerCCEP40,320$2.4M0.02%
165The Procter & Gamble Co.74271810915,254$2.3M0.02%
166Packaging Corp. of America69515610916,056$2.2M0.02%
167Archer-Daniels-Midland Co.ADM27,970$2.2M0.02%
168The PNC Financial Services Gro69347510517,204$2.2M0.02%
169Sempra EnergySREA13,728$2.1M0.02%
170Silicon Motion Technology CorpSIMO31,659$2.1M0.02%
171Sensata Technologies Holding PST41,143$2.1M0.02%
172Petroleo Brasileiro SA (ADR)71654V408180,678$1.9M0.02%
173The JM Smucker Co.83269640511,432$1.8M0.02%
174Unilever PLCUNLYF32,545$1.7M0.02%
175Ralph Lauren Corp.RL14,345$1.7M0.02%
176Thermo Fisher Scientific Inc.TMO2,816$1.6M0.01%
177PepsiCo Inc.PEP8,635$1.6M0.01%
178UBS Group AG (ADR)UBS64,817$1.4M0.01%
1793M Co.MMM12,213$1.3M0.01%
180Spirit AeroSystems Holdings In84857410933,331$1.2M0.01%
181DuPont De Nemours Inc.DD15,718$1.1M0.01%
182National Bank of CanadaNBHC14,374$1.0M0.01%
183Itau Unibanco Holding SA (ADR)465562106209,361$1.0M0.01%
184CSX Corp.CSX33,448$1.0M0.01%
185Simon Property Group Inc.8288061098,714$975,7070.01%
186SPDR S&P Emerging Asia Pacific78463X3019,591$962,3870.01%
187Denny's Corp.24869P10486,199$961,9810.01%
188Haemonetics Corp.HAE11,541$955,0180.01%
189Apple Inc.AAPL5,640$930,0360.01%
190Credicorp Ltd.BAP6,120$810,2270.01%
191Coterra Energy Inc.CTRA31,549$774,2120.01%
192BGSF Inc.BGSF66,731$710,6850.01%
193Public Service Enterprise Grou74457310611,359$709,3700.01%
194Enterprise Products Partners L29379210727,363$708,7020.01%
195Sitio Royalties Corp82983N10829,953$676,9380.01%
196The Timken Co.TKR7,814$638,5600.01%
197General Electric Co.3696043016,551$626,2760.01%
198Huntsman Corp.HUN22,840$624,9020.01%
199Civitas Resources Inc.17888H1039,102$622,0310.01%
200First Interstate Bancsystem In32055Y20120,489$611,8020.01%
201Vector Group Ltd.92240M10850,288$603,9590.01%
202Public StoragePSA-PS1,891$571,3470.01%
203AbbVie Inc.ABBV3,432$546,9580.01%
204Parkway Life Real Estate InvesY67202104182,000$545,6720.00%
205Kindred Group PLCX9415A11947,656$532,3680.00%
206WP Carey Inc.92936U1096,815$527,8220.00%
207Amgen Inc.AMGN2,181$527,2570.00%
208The Bank of Kyoto Ltd.J0399010811,100$522,5200.00%
209Spire Inc.SRJN7,343$515,0380.00%
210Great Lakes Dredge & Dock CorpGLDD93,478$507,5860.00%
211Dominion Energy Inc.D9,040$505,4260.00%
212Ecovyst IncECVT45,580$503,6590.00%
213Mahindra & Mahindra Reg S (GDRY5416411935,518$497,2520.00%
214The Coca-Cola Co.KO7,889$489,3550.00%
215Carter's Inc.CRI6,798$488,9120.00%
216Varex Imaging Corp.VREX26,640$484,5820.00%
217International Business MachineINTR3,678$482,1490.00%
218Ameris BancorpABCB13,162$481,4660.00%
219Wisdomtree US High Dividend FuWT5,801$477,2480.00%
220Royal Bank of Canada7800871024,875$465,9530.00%
221Vale Indonesia Tabak PTY391281481,038,000$460,9480.00%
222Canadian Pacific Kansas City LCP5,917$455,2540.00%
223Under Armour Inc. (class C)UA53,327$454,8790.00%
224Weyerhaeuser Co.WY14,917$449,4490.00%
225Linde PLCLIN1,160$412,3100.00%
226Simons First National Corp.82873020023,378$408,8810.00%
227Standard Motor Products Inc.85366610511,024$406,8960.00%
228ANI Pharmaceuticals Inc.ANIP10,205$405,3430.00%
229Stora Enso OyjX2134911729,610$384,6960.00%
230HF Sinclair Corp.DINO7,782$376,4930.00%
231iShares MSCI EAFE ETF4642874655,214$372,9050.00%
232Central Asia Metals PLCTAL126,423$368,8510.00%
233SouthState Corp.SSB5,136$365,9600.00%
234San Juan Basin Royalty Trust79824110534,130$359,0480.00%
235Rayonier Inc.RYN10,713$356,3140.00%
236Link REITY5281M11152,500$337,7430.00%
237Blackstone IncBX3,766$330,8050.00%
238Host Hotels & Resorts Inc.HST19,768$325,9740.00%
239Premier Financial Corp74052F10815,148$314,0180.00%
240Western Alliance BancorpWAL-PA8,191$291,1080.00%
241Unisys Corp.UIS73,828$286,4530.00%
242Steven Madden Ltd.5562691087,883$283,7880.00%
243Nickel Asia Corp.NODK2,249,000$279,6850.00%
244Acadian Timber Corp.00427210023,435$273,7790.00%
245American Water Works Company I0304201031,867$273,4970.00%
246Newmont Corp.NEMCL5,465$267,8940.00%
247PotlatchDeltic Corp7376301035,346$264,6270.00%
248Columbia Sportswear Co.COLM2,882$260,0720.00%
249Carrier Global CorporationCARR5,673$259,5400.00%
250Prologis Inc.PLDGP2,009$250,6630.00%
251Enbridge Inc.ENNPF6,536$249,3480.00%
252Enterprise Financial Services2937121055,408$241,1430.00%
253Cabot Corp.CBT3,121$239,1930.00%
254General Mills Inc.3703341042,677$228,7760.00%
255Otis Worldwide Corp.OTIS2,646$223,3220.00%
256Select Water Solutions Inc.WTTR31,098$216,4420.00%
257Caterpillar Inc.CAT900$205,9560.00%
258Hellenic Telecommunications OrHCA13,931$203,8060.00%
259VanEck Vietnam ETF92189F81716,361$199,2770.00%
260First Horizon Corp.FHN-PH10,714$190,4950.00%
261Bizlink Holding Inc.G1147410620,510$187,6960.00%
262Comtech Telecommunications Cor20582620912,700$158,4960.00%
263HudBay Minerals Inc.HBM30,049$157,6260.00%
264RLJ Lodging TrustRLJ-PA13,126$139,1360.00%
265Suzano SA (ADR)SUZ16,465$135,1780.00%
266Global Water Resources Inc.37946310210,558$131,2360.00%
267Rolls-Royce Holdings PLC (ADR)77578120648,000$86,8800.00%
268MMC Norilsk Nickel PJSC (ADR)55315J10228,134$84,9650.00%
269Singapore Technologies EngineeY7996W10328,365$78,0100.00%
270Klabin SAKLAC13,190$47,0830.00%
271NagaCorporation Ltd.G6382M10958,650$45,7250.00%
272Indo Tambangraya Megah Tabak PY7124410016,000$42,0970.00%
273Becle, S.A.B.SNAP12,690$32,8470.00%
274Dongyue Group Ltd.G2816P10724,000$24,7650.00%
275Puradelta Lestari Tabak PTY713A01091,023,000$11,6130.00%
276Globaltrans Investment PLC GDR37949E204101,492$00.00%